CHARLOTTE — A North Carolina real estate appraiser has pleaded guilty to a federal charge for his role in a mortgage fraud case involving about $15 million in loans.
Mooresville real estate appraiser Michael Gee was accused of participating in a house flipping scheme, where properties were purchased and resold at much higher prices in simultaneous closings.
The Charlotte Observer reported the scheme involved more than 200 properties.
Assistant U.S. Attorney Matthew Martens said prosecutors think the loss attributable to Gee was in excess of $2.5 million.
Gee pleaded guilty to making a false statement to a bank. Prosecutors dismissed eight other charges, including bank fraud and conspiracy to commit mail, wire and bank fraud.
Gee faces up to 30 years in prison and a $1 million fine when he is sentenced later.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
A North Carolina real estate appraiser has pleaded guilty to a federal charge for his role in a mortgage fraud case involving about $15 million in loans.
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